South Korea ban of all crypto transactions.

[redhondaxrm125]

Financial Services Commission (FSC) Chairman Choi Jong-Ku said on Monday that it was considering measures to restrict cryptocurrency transactions to some extent which includes “an all-out ban.”

“We are discussing to what extent the government will regulate the trade. Including the prohibition of trade”. he said at an at a luncheon meeting on Monday.

The clarification comes after news spread on Friday that South Korea was already considering banning all kinds of transactions.

Oh well, this clearly was already bound to happen. I already saw this happening quite a long time ago. Snce it is pretty hard for inexperienced prople to differentiate scam ICOs from the legitimate ones. But even so, banning is just a word. If they want this, they would really have to eliminate internet itself.

[tuanvie]

It's really hard to understand what some countries thinking.. Umm, it seems like they are just afraid of cryptocurrencies that's why they don't support and try to ban the transactions etc.

[CheatingCoins]

Hi,

This means that... Well, South-Korean bitcoinners will invest in VPN!

I mean, South Korea is completely freaking out of its northern neighbourg (and I can understand that)... Seriously, if you try to make an itinerary on Maps it is impossible.. Just because South Korea wants to protect it territory from the North.

So actually... this decision is logical and changes nothing. 

Haha good thinking. They will pretty much get into VPN buypass whatever is ahead and keep it going. It's not such easy to stop people from doing something that they want. If they are really up for changes, changes will happen.

[isvodkabeer]

Politicians are not very technical so they think like this:

If they don't understand something - Ban it.

If they sort of understand something  - Regulate it heavily

If they totally understand something - Use it to their political advantage

[Manc89]

This is really bad news for bitcoiner and traders especially in shouth korea.
Why now government which make this statement increase? What happen with them? Really dont understand.

[Junypn]

South Korea isnt banning cryptos, they're one of the countries who support it the most. They are just trying to weed out the scams and shady ICOs from taking place and stealing peoples money.

[pooya87]

meh who cares. let them ban it for all we care, this is bitcoin we are talking about. a decentralized cryptocurrency that doesn't fall under regular definition of things government can meddle with. in the end people will continue using bitcoin whether they like it or not.

these attempts are mostly  because of the increase in trading volume of bitcoin in unregulated exchanges which means no taxes to the government. they see the money they can make and try to do something about it.

[The_prodigy]

Financial Services Commission (FSC) Chairman Choi Jong-Ku said on Monday that it was considering measures to restrict cryptocurrency transactions to some extent which includes “an all-out ban.”

“We are discussing to what extent the government will regulate the trade. Including the prohibition of trade”. he said at an at a luncheon meeting on Monday.

The clarification comes after news spread on Friday that South Korea was already considering banning all kinds of transactions.

Based from your statements it may seem that the news is just but a talk for now or something that hasn’t been ratified yet. This might be a big blow if this comes to pass however I still wait for it to be understood and that they are not banned

[Harper6]

Financial Services Commission (FSC) Chairman Choi Jong-Ku said on Monday that it was considering measures to restrict cryptocurrency transactions to some extent which includes “an all-out ban.”

“We are discussing to what extent the government will regulate the trade. Including the prohibition of trade”. he said at an at a luncheon meeting on Monday.

The clarification comes after news spread on Friday that South Korea was already considering banning all kinds of transactions.

Well I think this year as bitcoin achieved its goals and targets so same it also face a lot of forks in shape of ban and other things so bitcoin don’t care about any ban it’s still going more forward although china and Indonesia banned bitcoin but we know that bitcoin take its price to its highest limit and still there is a possibility that bitcoin will make a record price then ever because some rich and develop countries are going to support bitcoin.

[kodtycoon]

Financial Services Commission (FSC) Chairman Choi Jong-Ku said on Monday that it was considering measures to restrict cryptocurrency transactions to some extent which includes “an all-out ban.”

“We are discussing to what extent the government will regulate the trade. Including the prohibition of trade”. he said at an at a luncheon meeting on Monday.

The clarification comes after news spread on Friday that South Korea was already considering banning all kinds of transactions.

a lot of scattered news about the ban on cryptocurrency, this can not stop the movement of bitcoin despite the many requests for banning. we already know along with the ban maybe only an issue that can make the price bitcoin go to down, someone takes the gap buy a lot if it happens.

[St4yInTh3D4rk]

meh who cares. let them ban it for all we care, this is bitcoin we are talking about. a decentralized cryptocurrency that doesn't fall under regular definition of things government can meddle with. in the end people will continue using bitcoin whether they like it or not.

these attempts are mostly  because of the increase in trading volume of bitcoin in unregulated exchanges which means no taxes to the government. they see the money they can make and try to do something about it.

Absolutely,even if they ban there is no use of it people will continue to use it if they want.But banning the exchange mean then they can not convert their bitcoin into fiat or they can not buy bitcoins with their local currency.For the people whole already having bitcoin no issue with them only problems for people who buying and selling bitcoins.
But if the banning continues in other countries then it may affect bitcoin demand so the price will fall.

[Malaya]

As South Korea ban all cryto transaction, this may affect other people's believe in Bitcoin and other crytos. However, as bitcoin is performing well on it's own, we cannot say that even if South Korean government does that, this will affect much of the bitcoin economy. We know for sure that there are a lot of influential and rich people now giving their wealth to invest on bitcoin so that is okay.

[MarkTrade19]

Thank you all for the response.

[Victorycoin]

basically every government wants to take full control of this bitcoin, but it can not be done, so this is a normal thing the government does to ban the trade and transactions of this crypto world.

People ignore history only to their own peril. They should go ahead and ban it and then watch how the adopt and use would plummet than depreciate. A number of countries that earlier on ventured in that direction have long retraced their steps and  now exploring or already explored ways to rather regulate Bitcoin.

[futile-resistance]

We have seen what happened with China. I don't see why this would be any different, people will continue to trade using P2P services and with Atomic swaps coming, they won't be able to do much.

No one is stopping, you will see this. You said it so true that remember that time in October when China banned many exchanges of bitcoins and there were news spreading that bitcoins are banned in China. Will they affect the international market and blah! I think same happening now, there is no change. Everything will be fine and people are continuing to use the P2P mode.

[wall101]

I think it's just a word but it does not really happen in south korea but I think that they may not need the crytos in their area but in our country there are also many different coin help in the area We still do not complain about it in the Philippines, but for the crypto currency we also have our help to accelerate the transaction worldwide

[Juggy777]

Financial Services Commission (FSC) Chairman Choi Jong-Ku said on Monday that it was considering measures to restrict cryptocurrency transactions to some extent which includes “an all-out ban.”

“We are discussing to what extent the government will regulate the trade. Including the prohibition of trade”. he said at an at a luncheon meeting on Monday.

The clarification comes after news spread on Friday that South Korea was already considering banning all kinds of transactions.

That is one part of the story, the other part clearly said South Korea finance ministry is against this idea completely, they are getting some really good tax and they don't wish to ban Bitcoins, what they have Indicated is that they will put new curbs on bitcoin's, which was bound to happen due to its popularity so that's really okay. South Korea is a huge market and I think it will not ban Bitcoins.

[Deubila]

Korea is a fairly conservative country. The Korean government does not allow bitcoin, however bitcoin prices are still rising. There is a lot of good news from bitcoin,

[wjchong]

It is a very sad news.
Many people get effect of this. South Korea bans all crypto transaction in their country. They want control on cryptocurrency because they think that these things may effect there economy.

[groko271]

Financial Services Commission (FSC) Chairman Choi Jong-Ku said on Monday that it was considering measures to restrict cryptocurrency transactions to some extent which includes “an all-out ban.”

“We are discussing to what extent the government will regulate the trade. Including the prohibition of trade”. he said at an at a luncheon meeting on Monday.

The clarification comes after news spread on Friday that South Korea was already considering banning all kinds of transactions.

you will see more and more of this over the next few months as bitcoin is no longer flying under the radar. It seems everyone is talking about about crypto currency and how much "money" is being traded daily using it. Im not optimistic about how financial institutions and governments are going to tread bitcoin in the future.